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NJ Internet Loans - Need Clarification

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Hi...first I want to say that I am so happy I found this forum. Like most of you I was in a pinch and had to, regretfully, borrow money from these online loan sharks. I would appreciate it if someone could give me clarity on payday loans vs loan.

I current have two loans out. One with Great Plains Lending and another I opened with Western Sky, which then was sold to CashCall, and I just found out today it was sold off to Delbert. I started doing some research on the web, found this site and it seems that "pay day" loans are illegal in NJ.

My question...are these two loans I current have open considered illegal in NJ? Are they actually payday loans?

This is my loan info:

Great Plains - deposited 1000, paid to date 1048, still have payment schedule till 5/15/14

Western Sky or CashCall or Delbert? - deposited 2600, paid to date 1140, payment schedule till 4/1/17

I read that you don't have to pay these off at all if they are illegal in the state you reside, but I would not be comfortable with that and would pay off the actual loaned amount.

I have not contacted the lenders about being illegal in NJ and only paying off the actual loan amount. I would like to get any helpful information and all my ducks in a row before I do that.

Any suggestions/information would be appreciated.




Hello! I too did the same thing, only I took out multiple payday loans AND a Western Sky loan as well. My Western Sky has also ended up like yours, with Delbert Services. I wrote cease & desist letters to all my lenders, and told them payday loans were illegal in NJ. Most of them were willing to allow me to either repay just the principle, or the principle PLUS a small amount of interest, which I was willing to do. Cash in a Wink and Western Sky are/were the hardest to deal with. Cash in a Wink ignored my C&D letters and still insist I owe them, and call me pretty much every day. The refuse to put anything in writing, so until they do, they're not getting anything from me. I'm still working on the Western Sky loan, but they DID offer settlements to pay back the principle only (or maybe just a little more). I took out a loan for $2600, paid $421.21, and they offered me a settlement of 7 payments of $334. I told them I would accept this, but now they say I need to call to discuss. So whatever... I will eventually, after I find out how they're proceeding since Western Sky is shutting down. But anyway, all payday loans are illegal in NJ, and any loan that has an interest rate over 30%.

Sub: #1 posted on Fri, 08/30/2013 - 22:07

KERRIinNJ KERRIinNJ

(Posts: 27 | Credits: 3.73)

The Western Sky loan is not a payday. However the reason it's illegal is they are not licensed in NJ and it suprasses the allowable interest based on NJ's usury laws. If you have already paid the principle you need to stop paying back the loan.

Also I have spoken to an investigator for the NJ Dept of Banking and Insurance after I filed a complaint. He said it's an illegal loan. I did not want to listen to anyone other than someone who has knowledge and authority pertaining to the laws.The state has been investigating Western Sky and Cash Call for a couple of years now and they are preparing a complaint to be filed soon in Superior Court against these guys.

I urge you to file a complaint as well, here is the website: www.state.nj.us/dobi

They more than likely will contact you in 2-3 weeks and ask for a copy of the original loan agreement. The more complaints the better.

Sub: #2 posted on Sat, 09/14/2013 - 19:45

richierich richierich

(Posts: 31 | Credits: 3.16)

richierich...you cannot cease and desist a first party....this would only apply to collection agencies under the FDCPA.

You do NOT need a writte payment agreement from Cash in a Wink or any of your lenders. They are illegal which means that the loans are NULL and void. YOU are in charge, not them. You tell them how much you will pay and when....you do not need their permission or agremeent.

If your Western Sky has been sold to Delbert, send them a cease and desist. They are a collection agency. In my opinion, if these has been SOLD as opposed to being assigned, I would personally not pay them a dime. If they are stupid enough to buy an illegal debt, they do not deserve to earn on red cent. That is the risk they took on.

Sub: #3 posted on Sat, 09/14/2013 - 21:24

SOAPLADY SOAPLADY
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(Posts: 17209 | Credits: 4746.15)

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